India Invites Private Sector to Explore Thorium and Monazite Reserves
India is inviting private sector participation to explore its vast thorium and monazite reserves, aiming to reduce dependency on foreign critical minerals. With approximately 850,000 tonnes of thorium and 11.93 million tonnes of monazite, the initiative is part of the National Critical Mineral Mission, which seeks to enhance self-reliance in mineral production, including a planned increase in neodymium output by FY27. The exploration will be regulated under the Atomic Energy Act of 1962, which currently restricts licenses to public sector entities.
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India plans to engage private firms for the exploration of thorium and monazite, having the largest reserves globally, to reduce foreign reliance on critical minerals. The government aims to implement safeguards in this regulated sector and has previously indicated that the nuclear power sector may soon open to private players.
India holds approximately 850,000 tonnes of thorium and 11.93 million tonnes of monazite. The National Critical Mineral Mission was recently unveiled to enhance self-reliance in critical minerals, with production of neodymium expected to increase to 500 tonnes by FY27, led by Indian Rare Earths Limited. The Atomic Energy Act 1962 governs the production and use of atomic energy, allowing licenses only to public sector entities.
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